Short On Cash But Not Short On Options

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While away at school, a problem could crop up that will require you to gain access to some cash. And fast. Unfortunately, you’re all tapped out and your dorm mates are not exactly the best source for borrowing money, unless it is a few bucks here or there.

Some schools have emergency accounts in place where you can get a hold of the funds needed to handle whatever comes your way. But if it is after five o’clock in the afternoon or on the weekend, you may not be able to get what you need from them in a timely manner.

student credit cardLet’s take a look at some options available to you to get some money fast. Clearly, some choices are better than others so make sure that you familiarize yourself with your loan terms before agreeing to any sort of deal:

Friends and Family Members: Those whom you love are much more apt to lend to you then would an absolute stranger. That is, of course, if you haven’t shown a long history of financial untrustworthiness! Swallow your pride and ask your folks for help or contact a close, trusted friend. Offer to put the loan in writing and insist on paying them back with interest. However you handle the situation, make sure that you pay your friends back otherwise you could find your friendship irreparably harmed.

Your Credit Card: Every credit card has a cash advance feature to them. Yes, you may have to pay 24% interest and a service fee but the cash you get may be what you need for the moment. You can always pay back your debt once your financial situation gets better.

Cash Advance Loans: Also known as pay day loans, cash advance loans are short term loans with high interest payments. Yes, you may be thinking that you’re dealing with an online thug, especially if you don’t repay on time. Most definitely, you’ll have to pay penalties and additional fees for the service. Oh, how does paying $8 to $30 per $100 borrowed appeal to you? That’s the usual fee for using these types of loans, so explore all of your other options first.

Talk With Your Creditor: Does the thought of missing a car payment have you worried? If that is the case, you may not need to borrow any money. As an alternative, contact your creditor and let them know what is going on. They could award you an extension or a one time forgiveness of a payment. Sure, you’ll still owe money, but your lender could the amount owed and add it to your debt.

If you find yourself constantly coming up short you may need to talk with a certified credit counselor or financial planner to take control of your problems. Some local consumer service departments or even your college can offer free advice. After all, your focus should be on your studies without your financial position offering a big distraction.

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Categories: Personal Advice